Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Mar 21

Insurance through super: is it right for you?

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Super

Taking out insurance through a super fund can be a great option for some members, but it does also come with some pitfalls. Most super funds provide their members with insurance options and an option to increase, decrease or cancel default insurance cover. There are many benefits of taking out insurance through super, including the […]
Mar 21

What is an arm’s length transaction?

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Super

Running a self-managed super fund requires trustees to adhere to complex laws and follow a number of onerous rules. One of the most fundamental investment rules for SMSFs is that the trustees must transact on an arm’s length basis to ensure no conflict of interest arises. An arm’s length transaction requires trustees to conduct on […]
Mar 21

Preparing for contribution cap changes

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Super

From 1 July 2017, many of the 2016 Federal Budget super reforms will take place, including the reduction to both the annual concessional and non-concessional contribution caps. Concessional contributions Concessional contributions include employer contributions and salary sacrifice amounts. Personal contributions claimed as a personal super contribution deduction also count as concessional contributions. The concessional (pre-tax) […]
Mar 21

Reviewing your trust deed before 1 July

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Super

With changes to Australia’s superannuation rules coming into play on 1 July 2017, self-managed super fund (SMSF) trustees would do well to review their fund’s trust deed. Despite the fact that maintaining an up-to-date trust deed is a vital aspect of managing a SMSF, many trustees fail to do so, usually due to the time […]
Mar 21

Preparing for the super changes

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Wealth Creation

Tighter superannuation rules will apply from 1 July 2017 as part of the super reforms announced in last year’s Federal Budget. The new rules include the introduction of a $1.6 million super balance cap for after-tax contributions; a maximum of up to $25,000 for concessional contributions; and the removal of the current “bring-forward” rule allowing $540,000 of […]
Mar 21

Why use a BDBN?

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Wealth Creation

Using a binding death benefit nomination (BDBN) can provide members with the peace of mind knowing that their superannuation will be protected and properly distributed in the event of their death. A binding death benefit nomination is a legally binding written document which outlines who you wish to receive your superannuation benefit if you were to pass […]
Mar 21

Preparing to help out parents financially

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Wealth Creation

When providing financial assistance to parents, it is important to consider all possible outcomes and document intentions carefully. For those planning to give their parents significant help, there are a number of options available. However, to decide on the right option, holding a family discussion to discuss the relevant aspects of a strategy and documenting the […]
Mar 21

Investing in property through an SMSF

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Wealth Creation

It is vital for those with a self- managed super fund (SMSF) to carry out the necessary checks before purchasing a property in their SMSF, especially where borrowing is involved. Investment strategy The SMSF’s investment strategy must be considered. If the purchase of a property will cause the fund’s other investments to be out of alignment, […]
Mar 21

Common errors when investing

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Wealth Creation

Whether you are a first-time or experienced investor, the stakes are high when it comes to investing. Even the most savvy investors can fall into the trap of bad investment habits. Although there is no guaranteed formula for investment success, there are some mistakes to watch out for: Chasing performance Basing investment decisions on strong, […]
Mar 21

Boost your retirement savings

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Wealth Creation

Pre-retirees can take advantage of a range of strategies to boost their nest egg. Here are three popular ways to top up your retirement savings: Maximise contributions Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual concessional […]